After two volatile weeks, Gold appears to have regained its footing. Prices have stabilized around the 4,400 area and have since pushed back above 5,000, signalling that the first wave of profit taking has likely run its course. The sharp pullback from the record high was forceful, but the subsequent price action suggests sellers have become less aggressive, opening room for a tradable rebound in the near term.
Technically, the decline from 5,598.38 to 4,403.34 is seen as the initial phase of a broader medium-term correction. That phase now appears complete. Price action since 4,403.34 marks the second phase of this corrective process, which can unfold in a more complex and time-consuming manner rather than a simple straight-line rebound.
For short-term traders, the outlook is constructive. The exhaustion of the initial profit-taking wave raises the prospect of further upside in the near term. As long as pullbacks remain contained, momentum favours additional gains before sellers re-emerge in force.
In this context, 4,654.49 serves as the key tactical line. Any near-term dip should be contained above this level. On the upside, decisive break of 5,091.73 would open the way toward 100% projection of 4,403.34 to 5,091.73 from 4,654.59 at 5,342.98. . That level is a natural target for the current rebound and represents the upper boundary of what short-term traders should reasonably expect from this phase.
However, strength into the 5,340–5,598 zone is likely to attract another round of profit taking, particularly from longer-term holders. That supply should cap near-term upside and prevent Gold from immediately resuming its larger bull trend.
For long-term investors, patience is essential. The current rebound is not viewed as a trend resumption but as part of a broader consolidation correcting the entire advance from 1,614.50 (2022 low). While the long-term structure remains bullish, the market still needs time to absorb prior gains.
Any deeper pullback is expected to find stronger demand near the 4000–4400 accumulation zone, reinforced by 38.2% retracement of 1,614.60 to 5,598.38 at 4,076.57. Until fresh catalysts emerge, that area is the preferred zone for rebuilding long positions ahead of the next major uptrend, likely months rather than weeks away.
